Although we are not in Florida or even South Carolina, outdoor living is still very big in Maryland. Grilling, barbecuing and cookouts start around April and end around late October. But even during the colder months many Marylanders fire up grills and fireplaces to cook a delicious family meal or gather with friends around the crackling fire.
What we are trying to say is that many homeowners in Maryland expect to have a finished outdoor living space when they purchase a home, and many are willing to pay extra for a good outdoor setup. So if you are thinking about remodeling your outdoor space with the resale value in mind, consider investing your money in a deck or an outdoor kitchen.
Recoup 50% to 70% of the Deck Addition Cost
According to the 2016 Cost vs. Value report, a midrange wooden deck is #6 on the list of midrange projects that bring the best return on investment. Number six may seem low, but if you look at the projects that outperformed deck addition, you will see that they may be beneficial, but they don’t offer immediate gratification. Of course, fiberglass attic insulation, siding replacement, a new steel entry door, new garage door or manufactured stone veneer look good, but where is the fun that? A deck, on the other hand, is something you and your family will be using and enjoying for years to come! And when the time comes to sell, the deck will speak for itself, while something like attic insulation or the new garage door is not a clear benefit to the buyer.
A COMPOSITE DECK that, according to the same report runs about $6,500 more than a wooden deck, also provides a decent return on investment with 62% for a midrange project and 51.1% for an upscale one. And if you choose composite decking materials, you also get a deck that is very low maintenance, which is a very appealing feature for most homeowners who want the enjoyment of the deck without the trouble of refinishing.
For your reference, the report considers a midrange project in a 10K to 20K range and the upscale project costs 30K+. The numbers we have provided above come from the Baltimore area, which may differ slightly from the national average.
Consider Adding an Outdoor Kitchen
While the Cost vs. Value report doesn’t offer a similar breakdown for outdoor kitchens, it’s still safe to say that many people want them and find them great for outdoor entertaining. According to the HomeAdvisor, the cost to build an outdoor kitchen ranges from $900 (likely DIY) to $30,000 and more, with most homeowners spending between $1,700 and $12,700. However, these are national averages, and if you are building in Maryland, you should consider adding a fireplace, fire pit or another heat source for a year round use, which could add to the cost.
The return on investment for an outdoor kitchen may not be as high as a deck, but it will surely increase the value of your home. But more importantly, it will increase your home’s “marketablity,” i.e. make it more attractive to potential buyers. In the real estate market where you may be paying two mortgages while trying to sell your old house, every little feature that may sway the buyer to make an offer helps a lot!
Build Something You Will Enjoy
ROI, money and your home’s value are important, but let’s not forget that you and your family are the ones who are going to live with this new upgrade. Choose a project that makes the most sense for your family and will bring you the most enjoyment. It is also a good idea to build now even if you are not planning to sell your home yet. If you build before the sale just to attract the buyer, you won’t get as much back as you hoped for. Remember that the return on investment is calculated not only in money, but also in all the laughs you’ll have on your deck or all the stars you’ll count while sitting by the fire in your outdoor kitchen.
Ready to Get Started on Your Project?
When you decide how you want to enhance your outdoor space, pay a visit to Leisure Specialties. We are your local Maryland outdoor living supply showroom located in Hampstead, MD. We carry a wide variety of decking materials, grills, outdoor lights and outdoor kitchen setups for you to explore. And one of our experienced outdoor living consultants will help you understand the difference between products and make an informed decision.